United States Tuna insights

Core Tip: As Israel's war on Gaza continues to escalate, the situation in the Middle East is turbulent. This geopolitical conflict is driving a surge in demand for canned tuna in the global market. The Thai Ministry of Commerce pointed out that due to the situation in the Middle East, the demand for basic food in the region has increased significantly, and canned tuna produced in Thailand has become an important supply in this region.

A Thai source said that the fishing situation in the Western Pacific was poor, and some ships only caught 20-25 tons a day. Shipowners quoted prices at $1,400-1,450/t, and canneries tried to keep prices down to $1,350-1,400/t. Whether the rising trend of raw materials will continue remains to be seen, depending on the order situation during the SIAL exhibition held in Paris, France from October 19 to 23; historically, prices usually fall in October and November. Thai canneries generally sign contracts for the first quarter of next year before Easter. If demand is good, raw material prices will continue to remain stable. Another US source said that a large Thai cannery purchased at $1,400/t, and the price of small and medium-sized factories was slightly higher. The main reason for the price increase was the reduction in raw material supply; in the Philippines, the price of skipjack tuna was $1,400/t, close to the price in Thailand. In addition, in Manta, Ecuador, the price of skipjack tuna raw materials rose to $1,450-1,500 this month. 00/t, while the Inter-American Tropical Tuna Commission (IATTC) fishing moratorium will end this week. A European source expects that Ecuadorian prices may not fall soon, as canneries are selling well and profit margins are supported. On the other hand, Ecuador's energy crisis has affected factory operations. In late September, a nationwide power rationing strategy was implemented, with power outages lasting up to 12 hours a day. Canneries equipped with diesel generators can operate normally. Spanish skipjack prices are stable at €1,500-1,550/t, and yellowfin tuna prices are at €2,550/t. At the Conxemar exhibition in Vigo, Spain, a Chinese company quoted 10-20kg whole fish FOB at $1,650/t and fillet FOB at $3,950/t; whole fish CFR at $1,850/t and fillet CFR at $4,150/t; yellowfin tuna fillet at $5,600/t.

ISSF reviews IATTC meeting outcomes in new article, welcoming positive outcomes for Eastern Pacific Ocean (EPO) tuna fisheries.